Mexico Connect
Forums  > General > Living, Working, Retiring
First page Previous page 1 2 Next page Last page  View All


pathall

Sep 2, 2004, 12:53 PM

Post #26 of 40 (2754 views)

Shortcut

Re: [Bubba] ATM Fees in Mexico

Can't Post | Private Reply
There is no Scotiabank in San Miguel de Allende and I would like to know which ATM in San Miguel would be the cheapest one for me to use. If there is a bank in San Miguel that is affiliated with Scotiabank, that would probably be the one for me to use to get the least or no fee to pay.
Pat


bournemouth

Sep 2, 2004, 1:11 PM

Post #27 of 40 (2750 views)

Shortcut

Re: [pathall] ATM Fees in Mexico

Can't Post | Private Reply
Scotiabank owns Inverlat and that's what you're looking for. Here is their website -www.scotiabankinverlat.com/
They promise replies to e-mails but don 't hold your breath on that one. I've no idea why my text has changed color but I imagine it doesn't matter.

It's best to ignore Bubba when he's in unhelpful mood - it seems to strike a lot.



gpk

Sep 2, 2004, 3:06 PM

Post #28 of 40 (2742 views)

Shortcut

Re: [Bubba] ATM Fees in Mexico

Can't Post | Private Reply
johanson said he transfers BofA money to Lloyd's BofA account. I assumed he then made withdrawals in pesos in Mexico--so there would be an exchange rate involved. Maybe I misunderstood.


Marlene


Sep 2, 2004, 4:25 PM

Post #29 of 40 (2734 views)

Shortcut

Re: [pathall] ATM Fees in Mexico

Can't Post | Private Reply
It is called Scotia Bank Inverlat in Mexico. The Canadian Expats like it because if they are customers in Canada they get a break on fees (or maybe don't pay ATM fees either). Scroll down the left side see "services outside Canada"
http://www.scotiabank.com

Someone posted that Scotia and the HSBC are affiliated with the Bank of America. I don't think that's correct. HSBC just bought Banco Bital in Mexico. They both have subsidiaries in the USA as in many other countries worldwide. Scotia is Canadian and HSBC is Asian. I would be interested to find out if they had anything to do with B of A because we has an HSBC account (formerly Bital) and that was not mentioned.

"Here is a little quote from their English site.
We are proud to be able to say that the banking service we now offer is among the most efficient in Mexico and that in order to fully satisfy your financial needs we have doubled our coverage over a period of only two years. We now offer more than 1000 ATMs at Scotiabank Inverlat branches and in shopping centres, gas stations, VIPs, and major retail chains, such as Soriana, Gigante, Comercial Mexicana, Superama, SAM's, Wal-mart and Oxxo."

The ATM locator on their site is wonky and doesn't scroll down properly for me, but I could see there is one in Leon, GTO (and other in GTO) before it cuts off. Maybe the website will work better for your browser and you will find one in your area.

P.S. I didn't realize this thread had gone into page two when I replied.


(This post was edited by Marlene on Sep 2, 2004, 4:51 PM)


johanson


Sep 2, 2004, 4:48 PM

Post #30 of 40 (2723 views)

Shortcut

Re: [gpk] ATM Fees in Mexico

Can't Post | Private Reply
GDK What I do is transfer US funds from my Seattle BofA account to Fondo Lloyd's San Diego BofA account. Lloyd's then converts that to pesos at a better rate than I would get if I were to walk into a Lloyd's in Mexico with a fist full of US dollars.


rondavis

Sep 2, 2004, 5:48 PM

Post #31 of 40 (2714 views)

Shortcut

Re: [Rolly] ATM Fees in Mexico

Can't Post | Private Reply
Thanks for your suggestion about BofA. I opened up an account with them today so I will be able to use the ATM's
in Mexico with the fees waivered by going to the proper banks ATM machines.


mrchuck


Sep 2, 2004, 6:23 PM

Post #32 of 40 (2710 views)

Shortcut

Re: [johanson] ATM Fees in Mexico

Can't Post | Private Reply
To Marlene: It was I, mrchuck, who said Bof A is affiliated with Scotia Bank, Santander Serfin, and HSBC.
There is an alliance there in which when I use my Bof A atm card, no fee is charged to me for use in Mexico, and also if I ever went to Canada( I cannot even think of a reason why) and used my card there.
Again, this is an alliance that B of A is a part of, and my online B of A account shows absolutely NO charges for it's ATM use in obtaining pesos here at 5,000 pesos a whack, from any of the 3 banks here in Mexico where I live.
As Bubba stated, compared to the "old days of getting pesos", todays progress and technology is absolutely marvelous and very easy when you think of the old hassles we longtime ex-patriates used to have of cashing checks, using the Amer Express office, and the pounds of dollars we would bring down here in order to live on.
And remember the large real estate purchases back then was US dollars on the barrel-head, and all this money was brought in secretly in brief cases, right?
Long standing accounts with large substantial balances and friendship with your "personal USA banker", along with a dollar sixty-five, will get you a cup of coffee at Denny's.
In other words, it means nothing to them(the USA bank) when the bank's management has decided there is no courtesy for 100% waiver of fees for using another banks ATM, where ever in the world you might be.
This is Wells Fargo's current policy no matter how "big" you are.

So, after many months and several years of stewing over this, and the many personal eyeball to eyeball meetings with them, I moved retirement accts, auto deposits, venture capital accts, total of all, over to the welcome arms of Bof A who I also have had accts with them that go back into the late 50's.
I realize I could afford this 2 or 3 dollar drain on every atm use, but it is the principle of it, isn't it?
It was a very easy thing to do once I made my mind up.
ATM's here in Mexico is the biggest improvement there has ever been for the tourists and retirees living here.
Saludos, mc


pathall

Sep 3, 2004, 8:40 AM

Post #33 of 40 (2666 views)

Shortcut

Re: [Marlene] ATM Fees in Mexico

Can't Post | Private Reply
Marlene, thanks for the information about Scotiabank. I too had a problem scrolling down when I got to the ATM locator. But then I spied two little red arrows on the right side towards the top and I was able to scroll down to find ATMs in Leon, Celayo, Silao, etc., but not yet in SMA. Hopefully they will put an ATM in SMA soon.
Pat


kirkswig


Sep 6, 2004, 2:17 PM

Post #34 of 40 (2607 views)

Shortcut

Re: [ncferret] ATM Fees in Mexico

Can't Post | Private Reply
Do you know for sure that ETRADE doesn't charge a fee and will reimburse you for charges imposed by other parties?

I ask because I'm at their site now and they say what you say, but only for ATM machines in the US.

To boldly go where no wig has gone before.


ncferret

Sep 6, 2004, 2:47 PM

Post #35 of 40 (2597 views)

Shortcut

Re: [kirkswig] ATM Fees in Mexico

Can't Post | Private Reply
Etrade never charges an ATM Fee. They will automatically reimburse for the other bank's ATM fee, if its coded as a separate item (which some/all? Mexican banks don't do). In that case you have to ask for the fee. I asked and got the fee reimbursed although it took 3 emails - outsourcing issues.

Banomex charges 60 cents per withdrawl. We withdraw money twice a month. That's roughly $15 a year. ETrade will pay you $275 to open an online account. I figure that puts me way ahead of the game should they stop reimbursing the fees.

A much more important consideration, in my opinion, is the exchange rate. Bancomer and B of A do not give as good an exchange rate as Banomex or HSBC - at least here in Mazatlan. Think about it. $500 exchanged at 11.40 pesos versus 11.2 pesos is a $9 dollar difference. That adds up to $250 a year.

Wells Fargo's Intercuenta express, while appearing inexpensive, seemed to have the worst exchange rate when I checked last week (they set the rate in the US and wire the pesos to your Banomex account - probably Banomex gets something for each transaction as well).

If you are going to live here, I would worry about the exchange rate, not the ATM fees.


johnv

Sep 6, 2004, 6:33 PM

Post #36 of 40 (2567 views)

Shortcut

Re: [ncferret] ATM Fees in Mexico

Can't Post | Private Reply
In the city of Guanajuato, I have withdrawn small equal amounts within minutes of each other, from Banamex, Bancomer, and Banorte, as an experiment to see exactly what the real differences in exchange rates are. There was no such difference such as 0.2 pesos. Here are the three exchange rates: 11.2697 , 11.2499,and 11.2533. As for all Mexican banks charging an ATM fee of US$0.75 as mentioned by someone above, I have never seen it printed on my slip, however, on some bank's screens a page appears in spanish that must be agreed to in order to proceed, and I have never read it, for fear of taking to much time and loosing my card. The difference between the above listed exchange rates and the rate posted on the XE.com currency converter for that time of day varies by approximately 0.12 pesos. On a US$100.00 withdrawal that amounts to about 12 pesos. A US$.75 ATM charge could be buried in that difference. I have never known why there is a difference between XE.com's currency converter rate and the actual rate at the machine. If anyone knows about this, please post.


kirkswig


Sep 6, 2004, 10:53 PM

Post #37 of 40 (2539 views)

Shortcut

Re: [ncferret] ATM Fees in Mexico

Can't Post | Private Reply
Well, the exchange rate was going to be my next question. I'm using JPMorgan/Chase, and I've yet to hit 11 on any ATM transaction over the past two months (I do get close, 10.98, 10.97.)

On top of that, they charge $3 per withdrawal.

So I'm out to find a new bank. The thing is, how do you find out what their exchange rate is, until you actually get the account? I have yet to find a bank website that lists it (or their policy in calculating it.) And I'm loathe to just open up bank accounts left and right, hoping I luck into a good one.

To boldly go where no wig has gone before.


ncferret

Sep 7, 2004, 4:38 AM

Post #38 of 40 (2528 views)

Shortcut

Re: [kirkswig] ATM Fees in Mexico

Can't Post | Private Reply
I got 11.42 from the Banomex in Mazatlan yesterday. 11.29 the week before.

Obviously its going to float based on the dollar/peso rate.

I have even seen the same bank (HSBC) charge to different rates in the same city.


ET

Sep 11, 2004, 4:29 PM

Post #39 of 40 (2454 views)

Shortcut

Re: [johnv] ATM Fees in Mexico

Can't Post | Private Reply

Quote
johnv writes:
....The difference between the above listed exchange rates and the rate posted on the XE.com currency converter for that time of day varies by approximately 0.12 pesos....


I don't believe you've given adequate consideration to your metric:

1. There is no central authority or "official" exchange rate for foreign currencies. Individual financial institutions negotiate their exchange rates with their business partners on a daily basis, with the rates varying from institution to institution. The exchange rate "published" by websites such as xe.com, Olson & Associates, and Yahoo Finance, as well as in newspapers are "composite" values, which are an indicator of the central tendency of what the exchange rates used by a number of large financial institutions and currency traders is on a given day. The actual indicator will vary (many are simple arithmetic means but more sophisticated sites may use metrics such as a geometric mean or the transaction value weighted average) depending on the source. The starting point for the exchange rate your financial institution is giving you is quite likely one of the data points used to calculate the composite value, but except for relatively rare occasions is not going to be the same as the composite value published, even if the institution is offering you their best possible rate.

2. The currency conversion rate information offered for free by xe.com is what xe.com calls the "mid-market" rate, which they define as the mid-point between the composite buy (bid) and sell (ask) rates for a pair of currencies. In xe.com's own words "....nobody trades at the mid market rate. Anyone who did would lose money.....". If you're making your withdrawals in MXP from a US bank account, comparison of the exchange rate you receive to the composite MXP ask rate would be a more accurate reflection of your probable transaction cost.


ET

Sep 11, 2004, 4:50 PM

Post #40 of 40 (2447 views)

Shortcut

Re: [Marlene] ATM Fees in Mexico

Can't Post | Private Reply

Quote
marlene writes:
....Someone posted that Scotia and the HSBC are affiliated with the Bank of America. I don't think that's correct. HSBC just bought Banco Bital in Mexico. They both have subsidiaries in the USA as in many other countries worldwide. Scotia is Canadian and HSBC is Asian. I would be interested to find out if they had anything to do with B of A because we has an HSBC account (formerly Bital) and that was not mentioned.....


To my knowledge, Bank of America does not have any significant financial interest in either Scotiabank (The Bank of Nova Scotia) or HSBC. Although the latter started off its life as the Hongkong Shanghai Banking Corporation Limited, it is not an "Asian" bank, per se, but rather a Great Britain-based global bank holding corporation (headquartered in London), which is the descendent of an imperialist trade bank founded by a Scot in 1865.
First page Previous page 1 2 Next page Last page  View All
 
 
Search for (advanced search) Powered by Gossamer Forum v.1.2.4